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Bidding and Performance in Repo Auctions: Evidence from ECB Open Market Operations

Bindseil, Ulrich; Nyborg, Kjell G; Strebulaev, Ilya - C.E.P.R. Discussion Papers - 2004

Repo auctions are multiunit auctions regularly used by central banks to inject liquidity into the banking sector. Banks have a fundamental need to participate because they have to satisfy reserve requirements. Superficially, repo auctions resemble treasury auctions; the format and rules are...

Persistent link: https://www.econbiz.de/10005067452

The Effect of Monetary Policy on Exchange Rates During Currency Crises: The Role of Debt, Institutions and Financial Openness

Eijffinger, Sylvester C W; Goderis, Benedikt - C.E.P.R. Discussion Papers - 2007

This paper examines the effect of monetary policy on the exchange rate during currency crises. Using data for a number of crisis episodes between 1986 and 2004, we find strong evidence that raising the interest rate: (i) has larger adverse balance sheet effects and is therefore less effective in...

Persistent link: https://www.econbiz.de/10005792063

On Public Debt Stabilizations in an Interdependent World

Alogoskoufis, George - C.E.P.R. Discussion Papers - 1991

This paper considers alternative modes of stabilization of world-wide and relative levels of public debt. The analysis is in terms of a model of overlapping, infinitely lived households. Three methods are compared: tax finance, public- consumption finance and monetary finance. We show that a...

Persistent link: https://www.econbiz.de/10005656163

Moral Hazard and Debt Maturity

Huberman, Gur; Repullo, Rafael - C.E.P.R. Discussion Papers - 2014

We present a model of the maturity of a bank's uninsured debt. The bank borrows funds and chooses afterwards the riskiness of its assets. This moral hazard problem leads to an excessive level of risk. Short-term debt may have a disciplining effect on the bank's risk-shifting incentives, but it...

Persistent link: https://www.econbiz.de/10011084392

The Roles of Monetary Policy in the Process of Economic Reform in Eastern Europe

Bofinger, Peter - C.E.P.R. Discussion Papers - 1990

inflation and the difficulties of East European central banks in pursuing non-inflationary policies. The main obstacles are the …

Persistent link: https://www.econbiz.de/10005123602

Monetary Policy in France

Melitz, Jacques - C.E.P.R. Discussion Papers - 1991

The discussion of monetary policy in France, which is intended for a chapter in a general handbook on monetary policy that will cover a number of other countries as well, begins with the early postwar period and carries the story up to the present. A separate section analyses the new framework...

Persistent link: https://www.econbiz.de/10005662059

Fiscal Discipline and the Cost of Public Debt Service: Some Estimates for OECD Countries

Ardagna, Silvia; Caselli, Francesco; Lane, Timothy - C.E.P.R. Discussion Papers - 2004

We use a panel of 16 OECD countries over several decades to investigate the effects of government debts and deficits on long-term interest rates. In simple static specifications, a one-percentage-point increase in the primary deficit relative to GDP increases contemporaneous long-term interest...

Persistent link: https://www.econbiz.de/10005067414

Designing a Central Bank for Europe: A Cautionary Tale from the Early Years of the Federal Reserve System

Eichengreen, Barry - C.E.P.R. Discussion Papers - 1991

Important questions concerning the structure and operation of a European Central Bank remain unanswered. Although there exists no precedent for the process of institution-building in which the European Community is currently engaged, the founding and early operations of the Federal Reserve...

Persistent link: https://www.econbiz.de/10005791345

Time Consistency When Open Market Operations are the Monetary Policy Instrument: Is There Really a Deflation Bias?

Rankin, Neil - C.E.P.R. Discussion Papers - 2001

-in-the-utility-function approach with a welfare cost of ‘current’ inflation. Under commitment, for the most plausible specification time inconsistency … takes the form of surprise inflation, if there is high initial government debt. Although ‘orthodox’, this result contradicts …-run inflation rate is quite likely to be positive, not negative as in Obstfeld’s related analysis. …

Persistent link: https://www.econbiz.de/10005661830

Debts, Deficits and Growth in Interdependent Economies

Alogoskoufis, George; van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 1991

We investigate the effects of budgetary policies on growth rates, external debt, real interest rates and the stock market valuation of capital in a two-country, overlapping-generations model of endogenous growth. A worldwide rise in the public debt/GDP ratio, or the share of government...

Persistent link: https://www.econbiz.de/10005791408

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